So you’ve decided to sell your New York condo or co-op. What happens next? Quite a bit. And how long will it take? That depends—on what kind of apartment you’ve got, the demand for it, and you and your buyer’s ability and desire to finalize the deal quickly.
On average, resales (as opposed to new construction) took 81 days to go from a signed contract to a closed sale in the fourth quarter of 2014, according to Jonathan Miller, head of appraisal firm Miller Samuel. But in practice, deals can happen much more quickly—45 days for a condo and 75 days for a co-op, in the experience of Peter Lucia, a loan officer at Mortgage Masters, or faster if the deal is all-cash.
Thinking of selling? To find out what actual buyers are willing to pay for your co-op, condo or brownstone, consider discreetly "pre-marketing" it. New York City real estate brokerage Triplemint has an entire data-driven pre-marketing platform that provides a way to quietly test your asking price and your marketing strategy among real-life qualified buyers before publicly listing your home. There's no charge to participate and no obligation to enter a traditional listing agreement at the end of the pre-marketing period if your place hasn't sold. Click here for more information.
It helps if everyone is prepared and working together. So in that spirit, here are the milestones you’ll need to watch out for as you sell your apartment: